Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0156%/8h= −17.0% APRpaid last 24h +0.031%

Price spread now: Bybit against Deribit−0.152%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bybit is 0.152% cheaper against Deribit than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit S_USDC-PERPETUAL	0.03958	0.0256	pay 0.0032% / 1h	1m 43s	$67K	$10K	10x
Short	Bybit SUSDT	0.03952	0.0100	get 0.0050% / 4h	3h 01m	$5.6M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee DeribitbpFee BybitbpOrdersPrice spread, now −0.152%Rate

Funding earned: −$32.67
Price spread: −0.152% → 0.000%: −$15.16
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$65.83
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 1 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Deribit no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	3.81 bp	34.4 bp −$34	85.8 bp −$858	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

S on 25 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SUSD	−0.5568%	1h	0.03840	−2.981%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2256%	1h	0.03949	−0.233%	$33K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1344%	1h	0.03929	−0.733%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03956	−0.045%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03952	−0.143%	$4	—	15x	as long as short
Variational Omni S	−0.0043%	4h	0.03948	−0.257%	$613K	$29K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03955	−0.073%	$610	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.588%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0083%	4h	0.03956	−0.051%	$98K	$297K	10x	as long as short
Lighter S	+0.0096%	1h	0.03960	+0.051%	$167K	$159K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03956	−0.045%	$996K	$595K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03957	−0.022%	$46K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03956	−0.042%	$5.5M	$13.7M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.03952	−0.152%	$5.6M	$4.4M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03954	−0.101%	$980K	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03945	−0.328%	$321K	$191K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03955	−0.076%	$3.6M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03955	−0.076%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03954	−0.101%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03952	−0.152%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03960	+0.051%	$22K	$462K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03949	−0.216%	$224K	$593K	10x	as long as short
Deribit S_USDC-PERPETUALlong	+0.0256%	1h	0.03958	long leg	$67K	$10K	10x
BloFin S-USDT	+0.0340%	4h	0.03950	−0.202%	$271K	$101K	75x	as long as short
Backpack S_USDC_PERP	+0.1301%	1h	0.03960	+0.051%	$115K	$424K	5x	as long as short